Millions of "baby boomers" — a generation typically defined as those
born during the post-war baby boom that took place between 1946 and 1964
— have retired from the workforce over the past six years.

This is putting massive downward pressure on the total labor force
participation rate, which currently stands at 63.0% (chart 2).

Of course, the labor force participation rate for those 55 years of age
and over has only been falling for the last year, whereas the total
labor force participation rate has been falling for over five years.